ATLANTA – Working capital loans will be available to Rhode Island businesses until the application deadline on Aug. 14, the U.S. Small Business Administration announced Monday.
Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organization affected by Hurricane Sandy qualify to apply for loans.
“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the Aug. 14 deadline,” Frank Skaggs, Director of the SBA Field Operations Center East in Atlanta, said in a statement.
The counties Kent, Newport and Washington in Rhode Island, New London in Connecticut and Bristol in Massachusetts will be eligible for Economic Injury Disaster Loans up to $2 million at 3 percent for private nonprofit organization and 4 percent for small businesses.
The loans are meant to assist businesses and organizations pay fixed debts, payroll, accounts payable and other costs that Hurricane Sandy interfered with the payment of.